Product Ruling

PR 2001/90W

Income tax: Exotic Timbers of Australia NT3 Project

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FOI status:

Notice of Withdrawal

Product Ruling PR 2001/90 is withdrawn with effect from today.

1. Product Ruling PR 2001/90 sets out the Commissioner's opinion on the tax consequences for persons participating in the Exotic Timbers of Australia NT3 Project (the Project) by entering into a Licence and Management Agreement for the purpose of carrying on a commercial agro-forestry project.

2. We have reviewed the Project and determined that the arrangement, as implemented, is materially different from that described in the Ruling on the following grounds:

•

Growers have not paid Application Moneys as described in the Ruling;

•

second year and subsequent year Rent and Management fees were waived;

•

services to be provided under the Licence and Management Agreement were not provided in accordance with the terms of the Licence and Management Agreement; and

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Growers do not have an identifiable interest in specific growing trees.

3. As a result, Product Ruling PR 2001/90 has no application as it does not rule on the tax consequences for any taxpayer.

4. Growers who were accepted to participate in the Project cannot rely on Product Ruling PR 2001/90.

Commissioner of Taxation
8 October 2003

References

ATO references:
NO 2002/011971

Related Rulings/Determinations:

TR 97/11
TR 97/16
PR 1999/95
TR 92/1
TR 92/20
TD 93/34
TR 98/22
IT 2001

Legislative References:
ITAA 1997 Part 2-25
ITAA 1997 6-5
ITAA 1997 8-1
ITAA 1997 17-5
ITAA 1997 Div 27
ITAA 1997 Div 35
ITAA 1997 35-10
ITAA 1997 35-10(2)
ITAA 1997 35-10(3)
ITAA 1997 35-10(4)
ITAA 1997 35-30
ITAA 1997 35-35
ITAA 1997 35-40
ITAA 1997 35-45
ITAA 1997 35-55
ITAA 1997 35-55(1)
ITAA 1997 35-55(1)(a)
ITAA 1997 35-55(1)(b)
ITAA 1997 42-15
ITAA 1997 387-B
ITAA 1997 387-125
ITAA 1997 387-C
ITAA 1997 387-125
ITAA 1997 387-165
ITAA 1997 387-185
ITAA 1997 387-210
ITAA 1997 388-55
ITAA 1997 Subdiv 960-Q
ITAA 1997 960-335
ITAA 1997 960-340
ITAA 1997 960-345
ITAA 1997 960-350
ITAA 1936 82KH(1)
ITAA 1936 82KH(1F)(b)
ITAA 1936 82KL
ITAA 1936 82KL(1)
ITAA 1936 82KZL
ITAA 1936 82KZL(1)
ITAA 1936 82KZM
ITAA 1936 82KZM(1)
ITAA 1936 82KZMA
ITAA 1936 82KZMA(4)
ITAA 1936 82KZMB
ITAA 1936 82KZMC
ITAA 1936 82KZMD
ITAA 1936 82KZMD(2)
ITAA 1936 82KZME
ITAA 1936 82KZME(1)
ITAA 1936 82KZME(2)
ITAA 1936 82KZME(3)
ITAA 1936 82KZME(4)
ITAA 1936 82KZME(7)
ITAA 1936 82KZMF
ITAA 1936 82KZMF(1)
ITAA 1936 Part IVA
ITAA 1936 177A
ITAA 1936 177C
ITAA 1936 177D
ITAA 1936 177D(b)